Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U. S. Bank for 12 months of interest accruing on a business loan from September 1st of this year through August 31st of next year. $600 for 12 months of property insurance beginning on July 1 of this year. What is the maximum amount Clyde can deduct this year?
a. $760
b. $600
c. $480
d. $160
e. $360
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Home » Business » Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U. S. Bank for 12 months of interest accruing on a business loan from September 1st of this year through August 31st of next year.